The present invention relates to the field of Internet based business-to-business services. More specifically, the present invention relates to an Internet-based commercial transaction insurance system allowing on-line retailers to offer insurance which provides their customers with various financial guarantees in a one-click setting at the point-of-sale.
B2B (business-to-business) electronic commerce is the exchange of products, services, or information on the Internet between businesses rather than between businesses and consumers. Although early interest centered on the growth of retailing on the Internet, forecasts are that B2B revenue will far exceed business-to-consumers (B2C) revenue in the near future. According to studies published earlier this year, the money volume of B2B exceeds that of B2C by 10 to 1. Over the next five years, B2B is expected to have a compound annual growth of 41%. The Gartner Group estimates B2B revenue worldwide to be $7.29 trillion dollars by 2004.
There are several B2B business models currently recognized on the Internet. The most widely known and available B2B model is a company website, since the target audience for many company websites is other companies and their employees. Company sites can be thought of as round-the-clock mini trade exhibits. Sometimes a company website serves as the entrance to an exclusive extranet available only to its business customers or registered site users. Such company websites usually sell directly from the site, effectively e-tailing to other businesses. Other B2B models currently include product supply and procurement exchanges, where a company purchasing agent can shop for supplies from vendors, request proposals, and, in some cases, bid to make a purchase at a desired price; brokering sites which act as an intermediary between someone wanting a product or service and potential providers; vertical industry portals which provide a xe2x80x9csub webxe2x80x9d of information, product listings and other features; and information sites, sometimes known as infomediaries. The present invention was designed to be used primarily with a company website B2B model, however, it may be used with any of the above described models.
Consumers, especially business consumers, new to e-commerce have vague fears about the Web. Seals of approval, for example provided by TRUSTe.com, has so far been the only solution for reassuring a purchaser that control over the transaction can be established. TRUSTe.com is the Internet industry""s privacy seal program provided by a non-profit organization dedicated to building trust and confidence on the Internet through a third-party oversight xe2x80x9csealxe2x80x9d program. TRUSTe.com assures users that sites are indeed doing what they claim through periodic site reviews and provides consumers with a dispute resolution mechanism. Sites that have successfully met TRUSTe.com guidelines are able to display a xe2x80x9ctrustmarkxe2x80x9d seal to inform users of their participation in the program.
Although there are other existing products currently available on the Internet which increase purchasers confidence in buying products on-line and minimize the potential liability exposure of the e-tailers, there are no products, prior to this invention, which would coordinate the entire concept into a one-click point-of-sale solution.
It is an object of the present invention to provide enhanced security of a business-to-business Internet transaction by virtue of financial guarantee supporting such transaction.
In accordance with the present invention a new on-line business method is provided which will enable on-line retailers to offer the following on-line financial guarantee services to their customers: the financial guarantee of a secure credit card transaction; the financial guarantee of a genuine product at the advertised purchase price; the financial guarantee of the delivery and return policy of the item being purchased; and the financial guarantee that the implied or specific warranty of the item purchased will be honored. All of the above services will be offered as a one-click point of sale solution.
Other objects, advantages and features of this invention will be more apparent hereinafter.